ADVERTISEMENT FOR AND SELECTION OF DEPOSITORY OUTSIDE THE COUNTY

(a) Subject to Sections 116.026 and 116.028, the commissioners court may select a federally insured bank or banks located outside the county to serve as the depository under this subchapter if: (1) for any reason no bank located in the county applies to be designated as the depository; (2) an application is not made for the entire amount of the registry funds; (3) the commissioners court rejects all the applications submitted; (4) a depository selected by the commissioners court fails to qualify; (5) a depository becomes insolvent; or (6) a new depository is selected because of the failure of the regular depository to execute a new bond under Section 117.057. (b) Before selecting a depository under Subsection (a), the commissioners court shall advertise for applications from banks located in this state by publishing a notice of the selection once a week for two consecutive weeks in a newspaper of general circulation published in the county. If such a newspaper is not published in the county, the commissioners court shall post the notice at the courthouse for two weeks. The commissioners court may also publish the notice in any newspaper outside the county for the same length of time.